You can sell your home with or without a realtor. If you want to go it alone and sell your home without a realtor, you stand to save about 5-10% in commission paid to him.
Though selling your home is no rocket science, you will need to do thorough research to get this done. Additionally, you may need to outsource work to professionals to get the paperwork in place.
Generally, only about 10% of all sellers go it alone. Some eventually hire a real estate agent after some time.
If you are planning to sell your home yourself, here are a few questions you need to answer-
Do you have the time to work towards it every day?
When you plan to sell your home, you have to dedicate some time to this every day. This includes gathering pre-listing paperwork, hiring a photographer, hosting an open house on the weekends, and so on. In addition to this, you will have to answer prospective buyer’s phone calls, schedule home inspection tours, and even answer questions online if you plan to sell your house online too.
Do you have enough knowledge of the local market?
This can go two ways- if you are selling in a seller’s market, you may need additional resources and patience to close the deal. In a buyer’s market, you will need to know everything about the local market in detail as any offer that may look lucrative may not be worth the market value.
Have you priced your home well?
This can be complicated. You will need to understand the local prices and set a fair listing price that is in line with market expectations. If you underprice your home, you can be left with a sub-par offer, if you overprice your home, it could take a long time to sell.
Do I take informed decisions?
You must be living in your home for more than 10-20 years. If you are acting as its agent, you need to keep your emotions out of the transaction. If this isn’t done, you could be cheated or given a raw deal.
Am I able to market my home well?
When you have decided to sell your home yourself, you need to know how to market your home. For this, you will need to highlight its strengths. You will also need to pay an agent a flat rate to list on the MLS where most agents and buyers look for properties online.
Are you aware of your local laws?
The real estate market is highly regulated. You may need to consult a real estate attorney even if you know how to sell your home without a realtor. This attorney will help you with the paperwork requirements like the disclosure laws, deeds, and other documents.
If you are well prepared and have done your homework regarding the above points, it is now time to start the process of getting your home ready for sale.
Things to do if you are selling your home yourself
Hire an attorney
Though you are trying to sell your home yourself, you will need some legal help. Here is where a real estate attorney comes into the picture. A good real estate attorney will help you sell your home by negotiating for you and helping you deal with the paperwork.
Experts say it is better to consult an attorney before you try to sell your home yourself as he will be of invaluable help. Anyone intending to sell their homes should consult an attorney to help you with the process. He will charge a flat fee that is way lesser than what a realtor will charge.
Make an informed pricing decision
It is very common amongst those selling without a realtor to either overprice or underprice the property. There is no fixed mechanism to help buyers value their property correctly. If you do not price your property as per market rates, you may face losses or your property will take longer to get sold.
You will need all the help you need to sell your property. List them online on various real estate marketplaces so that you can get interested buyers quicker.
However, it is recommended to list online only when your property is truly ready to be sold.
Prepare your home for the sale
Many kinds of renovations help to increase the price of the property. However, not all renovations lead to a price increase.
If renovations needed were long overdue, it is in your best interest to get it done to avoid revising the prices lower due to undone renovations. This includes waterproofing, getting the windows, doors, plumbing, wiring, and getting other connections in place. Once all of this is done, your home will truly be ready to be sold, it could also attract a premium price if it feels like new.
Dealing with the right buyers
Once you list online, you may be flooded with inquiries from potential buyers. It is up to you to know who to entertain as many would just disappear after knowing the price. Experts suggest you should ask them about their loan eligibility to determine if they are serious buyers.
You should go ahead with selling your property yourself only if you are sure of your capabilities. Many things could go wrong- the house may be priced wrongly, the paperwork may not be done in time, and so on. Ask yourself this question- are you willing to go it alone to save a substantial amount of money or do you want peace of mind so that you can sell your property to the highest bidder through a realtor? Whatever be the reason, do ensure you do your homework so that you aren’t cheated.